The new building safety regime

As we have referenced before, it feels like we remain in a holding pattern pending

the final report from Sir Martin Moore-Bick on the findings of the Grenfell inquiry. This

seems to be the event on which the majority of the litigation around cladding issues

and fire safety more generally is waiting.

Once the report has been digested, the body of associated (and paused) litigation is

likely to re- start and we will all begin to better understand whether the insurers’

actions over the last few years has been proportionate and sufficient. If it has, or if it

has even been too severe, then the gentle softening trend that we have seen over

recent months will likely continue. If it hasn’t, then 2024/25 could potentially see a

stronger underwriting response. It certainly seems that no one is currently in a

position to say with any certainty which is more likely. Rest assured, we will be

providing a more complete market update for clients in the coming weeks.

We hope that this provides a helpful overview of areas of interest. There will need to

be a huge collective effort in the months ahead to make sense of it and we intend to

continue to share any insights secured via our industry engagements.